Bin number list consists of the bin numbers of all debit, credit and charge cards. The list is either computer generated or obtained from financial institutions. The bin numbers can also be obtained from firms which process credit card payments. Bank identification number shortly called us BIN is also known as Issuer Identification Number. This comprises the first four to six digits of the card which when entered in the search column of a bin database yields the information in a format which is easily retrievable and verifiable.
The bin number list is a collection of bin numbers issued by various financial institutions which provide card services. Whether it is a visa, master card, American Express or Deposit cards, the bin number list includes them all.
Considering the issuing institutions, there is a specific range to which the service provider sticks to while issuing cards. Some of the most common providers and their reference ranges are mentioned below.
Visa cards start with a number 4 whereas Master Cards start with numbers from 51 through 55. Diners club cards start with the numbers from 36 to 38. Discover cards begin with 6011 or 65. The American Express cards begin with 34 or 37 whereas JCB cards start with 35. A joint venture of Diners club and MasterCard has issued cards which begin with 35.
The accuracy of bin number list is the most important criterion for a perfect credit card bin search. Most of the licensed versions claim 99% accuracy. Although 100% accuracy is unachievable, with regular updates and original source of data would definitely help to maintain the accuracy.
Ease of search
The bin number list should be in an easy format allowing a flexible search. Most bin databases allow an easy search which requires only the entering of the first six digits of the card. The bin number list should be relatively simple and organized so that the search is relatively easier.
The records associated with the bin numbers in the bin number list should be uniform. For example, the banks name should be the same when the issuing bank is same. Some bin databases tend to spell the same bank in different ways. When it comes to automatic filtering of suspicious bin numbers, such disharmony of records can pose a problem for merchants.
A bin database should be cost effective so as to give a reliable bin number list and associated data. Licensed versions do cost a bit high, but gives the advantage of multiple searches per computer or per network. Free versions do not have such flexibility and are more limited in their bin searches usually up to ten for each network. The number of accurate records also counts towards the cost. However the bin number list should be having the maximum number of bin details at the minimal cost.
Compliance to privacy policies
Most nations have well laid rules on privacy of personal data especially those relating to financial status of the individuals. The bin number lists are perfectly legal to be used in the credit card verification system and hence the merchants need not resort to any measures which are against the law.